LIC Jeevan Azad

LIC Jeevan Azad is a traditional life insurance plan that offers the combined benefits of both life protection and investments. In addition to this, the plan offers a host of other benefits such as rider benefits, tax benefits, and many more. 

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What is LIC Jeevan Azad?

The Life Insurance Corporation of India launched a new plan, LIC Jeevan Azad on 19th January 2023. The plan is designed to offer the dual benefits of protection and savings. In case of the unfortunate death of the policyholder, the plan will offer death benefits to the nominee. On the other hand, if the policyholder survives til the end of the policy tenure, he/she will receive the maturity benefit.

LIC Jeevan Azad Eligibility Criteria

Parameters Minimum Maximum
Entry Age (in years) 90 days 50 years
Maturity Age (in years) 18 years 70 years
Policy Term 15-20 years
Premium Paying Term Policy Term minus 8 years
Basic Sum Assured Rs. 2 Lakhs Rs. 5 Lakhs

What are the Benefits of LIC Jeevan Azad

The benefits payable under the plan are:

  1. Death Benefit

    In case of the unfortunate death of the policyholder, the plan will pay Sum Assured on Death. Sum Assured on Death is the highest of 7 times of annualized premium or Basic Sum Assured. 

    The death benefit is not less than 105% of all premiums paid till death. 

  2. Maturity Benefit

    On successful completion of the policy tenure, ‘Sum Assured on Maturity’ will be paid to the beneficiary. 

  3. Tax Benefit

    Premiums paid under LIC Jeevan Azad are exempted from tax under Section 80C. Also, the maturity and death benefit amount are also tax-free under Section 10D(D) of the Income Tax Act, 1961.

Optional Benefits Under LIC Jeevan Azad Plan

LIC Jeevan Azad offers several optional benefits, through which the policyholder can enhance their coverage by paying an additional premium.

  1. Optional Riders

    LIC Jeevan Azad offers 3 additional riders 

    • LIC Accidental Death & Disability Benefit Rider

      In the event of an accident, the Accident Benefit Sum Assured will be paid in a lump sum to the beneficiary. 

      Whereas in the case of disability, arising out of an accident within 180 days from the date of the accident, an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments for 10 years. All future premiums will be waived in the event of accidental disability arising from an accident.

    • LIC Accident Benefit Rider

      In case of accidental death, the Accident Benefit Sum Assured will be paid in lump sum along with the death benefit of the base plan.

    • LIC Premium Waiver Benefit Rider

      Under this rider, on the death of the policyholder, the pending premiums of the base policy that are due on and after the date of death till the expiry of the rider term shall be waived.

  2. Death Benefits in installments

    Under the policy, one has the option to receive death benefits in installments over 5 years rather than a lump sum payment. The installments must be paid in advance at chosen intervals of annually, half-yearly, quarterly, or monthly, subject to a minimum installment amount for different payment modes, such as 

    Mode of Installment Payment Minimum installment amount
    Monthly Rs. 5,000/-
    Quarterly Rs. 15,000/- 
    Half-Yearly Rs. 25,000/-
    Yearly Rs. 50,000/
  3. Settlement Option (for maturity benefit)

    Under the policy, a policyholder can choose to receive maturity benefits in installments over 5 years. The installments will be paid in advance at chosen intervals of annually, half-yearly, quarterly, or monthly, subject to a minimum installment amount for different payment modes, such as 

    Mode of Installment Payment Minimum installment amount
    Monthly Rs. 5,000/-
    Quarterly Rs. 15,000/- 
    Half-Yearly Rs. 25,000/-
    Yearly Rs. 50,000/

Sample Premium Illustrations of LIC Jeevan Azad Plan

Below mentioned is the sample premium illustration of the plan. The premiums are calculated for the Basic Sum Assured of Rs 2 lakh with different ages and premium paying terms.

Age of the Policyholder(in years) Policy Term (Premium Paying Term )
15 (7) 16 (8) 17 (9) 18 (!0) 19 (11) 20 (12)
10 17,679 15,190 13,279 11,917 10,692 9,682
20 17,787 15,288 13,377 12,015 10,780 9,771
30 17,846 15,347 13,446 12,083 10,858 9,849
40 18,159 15,670 13,769 12,436 11,221 10,231
50 19,208 16,719 14,837 13,524 12,328 11,358

Policy Details of LIC Jeevan Azad Plan:

  1. Grace Period

    The plan comes with a grace period of 15/30 days from the date of the first unpaid premium. If the premiums are not paid during this period, the policy will lapse and the policyholder will not be entitled to receive any benefits.

  2. Policy Revival

    One can renew their lapsed policy within 5 consecutive years from the date of the first unpaid premium by paying all the arrears of the premium together with interest (pre-determined by the company.)

  3. Loan Facility

    The plan provides the policyholder with a loan facility, wherein, one can avail loans provided at least two full years’ premiums have been paid.

  4. Free-Look Period

    A free-look period of 30 days from the date of policy commencement is provided to the policyholder, during which he/she can cancel their policy by stating the reasons for objections. 

  5. Policy Surrender

    One can surrender the policy at any time only if all the premiums are paid for 2 years consecutively. On surrendering the plan, LIC will pay a surrender value equal to special surrender value or the guaranteed surrender value, whichever of them is higher.

  6. Rebates

    The plan offers rebates as per the below-mentioned table:

    Mode Rebate
    Quarterly, Monthly (NACH) & Salary deduction NIL
    Half-yearly mode  1% of Tabular premium
    Yearly mode 2% of Tabular Premium
    High Sum Assured Rebate
    Basic Sum Assured (BSA) Rebate (Rs.)
    Up to 2,75,000 Nil
    Up to 3,00,000 to 3,75,000 0.50% BSA
    Up to 4,00,000 to 4,75,000 1.50% BSA
    Rs. 5,00,000 2.00% BSA

Policy Exclusions

  • If the policyholder commits suicide during the first year of the policy, LIC will not accept any claim under this plan except for 80% of the premiums already paid, only if the policy is in force.

  • If the policyholder commits suicide within the year from the revival date, the nominee can claim the higher 80% premiums paid to date or the acquired surrender value.

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